wilson
Posts:541
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| 08/26/2008 8:16 PM |
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| On Mad Money tonight, Jim Cramer calls that housing bottom will be June 30, 2009. Start the countdown at 309 days. |
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showboat
Posts:67
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| 08/26/2008 8:22 PM |
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| Did he give any good reasons for this date or just picked it out of a hat? |
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kelly564
Posts:59
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| 08/26/2008 8:28 PM |
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| I love Cramer. He's full of theatrics, but through it all, he has a quick level head, and he seems to want us all to make money. I'm surprised he thinks the bottom is that early in the century. Of course each market has it's own set of scenarios to watch for. I'm assuming he was calling the national housing bottom, so do you think San Diego is on par with that? I thought we ascended higher maybe more quickly, so possibly have farther to descend? |
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stella
Posts:360
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| 08/26/2008 8:33 PM |
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I saw the segment where he made the call. You have to remember that Wall Street is a serious of fads that come and go and the market moves before the actual events are popularized. I was short homebuilder stocks and Fannie Mae going into the mess. I covered all the short positoins and now am long Fannie Mae for a trade.
The market is always changing, in a few years there will be some other bubble in some general asset class or specific stock. It's very predictable.
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wilson
Posts:541
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| 08/26/2008 8:38 PM |
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Paste this link for his top ten reasons:
http://www.thestreet.com/story/10434734/1/cramers-mad-money-recap-calling-a-bottom-for-housing.html?puc=newshome
My top 3 heroes (in no particular order): Jim Cramer, David Letterman, & Grady Sizemore.
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Caligirl43
Posts:133
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| 08/26/2008 8:42 PM |
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| I have to agree with Kelly - San Diego's prices skyrocketed so fast and so far that they will have a lot further to fall because so many of us got priced out of the market. |
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showboat
Posts:67
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| 08/26/2008 8:47 PM |
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2. The $300 billion Federal Housing Bill is helping homeowners avoid foreclosure. - does anyone personally know of anyone that has been helped by this?
6. The bulk of "teaser rate" home loans have reset and foreclosures will now decline. - does anyone here believe that foreclosures will decline from here?
10. The areas with the highest foreclosure rates are starting to stabilize. - are we seeing a stabilization in the SD area yet? I don't think so.
Not saying he is wrong, but his reasons weren't really compelling for me. |
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jackjack
Posts:155
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| 08/26/2008 9:34 PM |
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| Don't get too excited now. I believe that certain people on other real estate blogs, including piggington's, were ripping on Cramer's "bottom" call and stating that there were no facts to support it and that it was irresponsible. Bottomline, the concensus is that the downturn will last longer. Also, keep in mind that San Diego is unique. The SD market was very volatile. Downtown is overbuilt. Expect downtown SD to take longer and dive steeper. |
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stella
Posts:360
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| 08/26/2008 9:41 PM |
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jackjack,
Cramer is a trader, trading is a fusion of fundamentals, technicals and gut instinct. From my point of view now that the credit crisis is a year old and everyone is talking about it that's a sure sign that it's time to start placing trades for what's next.
I'm not saying go buy a boatload of condos but I am saying that this is going to change. Personally I'm looking forward to a more normal stable situation that comes next. Nobody is calling the bottom saying we're going to go up 30% a year like the good old days. |
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TotoMMB66
Posts:98
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| 08/26/2008 10:29 PM |
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| showboat...the housing bill just passed (or maybe it didn't yet). But, providing my escrow goes through, it should help me. Of course, it's just a no-interest loan, but I'll take it. |
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tpc
Posts:498
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| 08/27/2008 9:02 AM |
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| Cramer is a fun guy to watch. But remember, Cramer is the same guy that recommended buying Citigroup in the mid $40s because his buddy Ed Lampert, the financial genius who bought Sears and K mart, bought Citi even before Prince left (who was on Cramers wall of shame). Lampert may be a financial billionaire but he was sure wrong about Citi. |
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punstress
Posts:123
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| 08/27/2008 1:00 PM |
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| Cramer = B.S., plain and simple |
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JAP
Posts:44
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| 08/27/2008 1:19 PM |
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When Cramer calls a bottom in a stock or sector it's time to short it.
He's also called the bottom in the builders, financials and many individual stocks. 90% of the time, he's wrong. A monkey can pick better stocks than this moron. |
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tpc
Posts:498
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| 08/27/2008 4:14 PM |
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| I kid you not. I was eating/drinking my alphabet/number soup and contemplating the housing bottom when my elbow bumped against the door stop and my soup spilled all over the bathroom floor. As I stooped to clean it up, clearly i could discern the date april 2011 spelled out in the spilled alphabet/number soup. I am taking this as a sign of the bottom. Unfortunately, I wasn't able to discern the exact time or date of the bottom in april so take this as a very, very rough estimate. If i spill some soup in the future and get greater clarification, i may not be willing to post that info. in the future without some prompting from this forum. |
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PatentGuy
Posts:7
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| 08/27/2008 6:00 PM |
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| Cramer was a strong buy on Downey SL well after the housing bubble collapse had started in 2007. You can Google to check me on this, but I believe he was pushing Downey when it was at $70. I thinks it's hovering at $2 a little more than a year later. Cramer knows knowing. Just like a broken clock, he will be right a few times a day. But, you might as well have your dog pee on the NYSE listings to pick your stocks. |
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sleepybear
Posts:116
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| 08/27/2008 6:20 PM |
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| Is that James "Brian" Cramer??? |
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HungryHippo
Posts:2
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| 08/27/2008 9:47 PM |
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Regis Philbin: These are tumultuous times
Jim Cramer: I was incredibly negative a year ago. I came on July a year ago. I said don’t buy a house. Don’t buy stocks. I was very worried. I am now the exact opposite. Everyone else is worried.
I am feeling pretty darn good about things. Gasoline’s going down. It will be at $3.50 in 2 weeks. Your house price is stabilizing. Food’s coming down. I’m a buyer! I’m a buyer! I’m a buyer!
Jim Cramer is a bold faced LIAR. Beware if you follow his advice, you will lose money. He picks more bad stocks than good even when he's coming close to the S&P 500 when it's going up. PatentGuy, you're definitely right, he was touting Downey Savings and Loan, along with Thornburg Mortgage which is now $.36 a 99% drop. Jim is a Monday Morning QB who only beats his chest when he's right. And he makes so many predictions he's bound to be right some time. Now he's claiming Real Estate has more to fall and he's forecasting a drop in 2009. But this is what he said on Regis and Kelly just last month. Why would anyone listen to or like this guy?
Regis Philbin: Is this the time to buy a house?
Jim Cramer: I want to buy not one house. I want to buy 2 houses. I wanna go…I’m going out to California in another month and a half. Prices were up very big there; looking at the Palm Springs area. Prices down 2/3rds. When are we gonna wait until we are down 100%?
Kelly Rippa: Isn’t it time for Regis to buy Joy that vacation home she’s dreamed of on the Florida beach? Isn’t it time for Regis?
Jim Cramer: Well, no. On the west side it’s already moved up. It’s too late. Can you believe it? East side, east side is there, 50% down. East side, I want you to go down with me and we go buy a couple. Go buy a couple! |
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paraiso
Posts:21
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| 08/27/2008 10:29 PM |
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| Uhh.. isnt he the guy that said bear stearns was fine? |
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hiswelshness
Posts:66
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| 08/28/2008 3:39 AM |
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| Yes...within 2 days of its collapse! But I love the guy. He does more good than harm. Everything with a grain of salt. |
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tpc
Posts:498
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| 08/28/2008 9:14 AM |
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| As long as cramer has his own show, he appears to have some limitation purchasing stocks for his own portfolio. So he buys stocks for his charitable foudation, whatever that is. but these wall street guys always have an angle. it is in their blood. IMO, cramer is doing this show so that he can tout THE STREET.COM in which he most likely retains a large equity position in. if he can bring that public, it will likely mean lots and lots of cash without the accompanying risk. |
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